Polymarket targets $20 billion valuation as competition heats up in prediction market sector
Polymarket is seeking a valuation of $20 billion as competition in the prediction market sector intensifies. The platform, which uses blockchain technology, faces pressure from rivals like Kalshi and increased interest from major financial institutions.
Why it matters
The rapid valuation growth of prediction markets highlights the increasing intersection of decentralized finance, speculative trading, and information aggregation.
According to the person, the company closed a funding round at a $15 billion valuation in April which included a $600 million investment from the Intercontinental Exchange, the owner of the New York Stock Exchange.
In June, Polymarket told CNBC that its annualized revenue had climbed well above $1 billion even after the platform saw a decline in trading volumes in April and May which were offset by record highs during the World Cup.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in